answer c

Check my word Problem 9-44 Loon repayment (LO9-4) Larry Davis borrows $79,000 at 12 percent interest toward the purchase of a home His mortgage is for 30 years. Use Anpendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods. a. How much will his annual payments be? (Although home payments are usually on a monthly basis, we shall do our analysis on an annual basis for ease of computation. We will get a reasonably accurate answer) (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Annual payments 9,80735 b. How much interest will he pay over the life of the loan? (Do not round Intermediate calculations. Round your final answer to 2 decimal places.) Annual payments 215 220.50 c. How much should be be willing to pay to get out of a 12 percent mortgage and into a 10 percent mortgage with 30 years remaining on the mortgage? Assume current interest rates are 10 percent Carefully consider the time value of money. Disregard taxes (Do not round Intermediate calculations. Round your final answer to 2 decimal places) Annual payments